By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are expected to continue to cling to their current levels on Thursday amid investments by foreign and some institutional investors, despite the mixed performance of global markets and a new fall in oil prices, analysts told Mubasher.
Despite the varying performance of UAE markets, foreign investors are expected to extend their purchases, which indicates that stocks are at good levels for P/E ratios, market analyst Abdullah Fawzy has said.
Net buying by foreign and gulf investors exceeded AED 30 million on Wednesday, UAE stock market statistics have shown.
These purchases helped the Dubai Financial Market (DFM) end in the green, whereas the Abu Dhabi bourse was down slightly on quick profit-taking, Abdullah added.
Investors were mostly drawn to stocks like Emaar Malls, Amanat Holding and Eshraq Properties, whose stocks have reached attractive price levels, the analyst added.
On the other hand, market analyst Hassan Al-Zawy commented that the negative indicators on the DFM despite the slightly-improved performance still exist.
Al-Zawy advised traders to be extra cautious during this period, particularly as oil and global markets are testing important levels, with oil awaiting the implementation of the OPEC and non-OPEC agreements.
OPEC members agreed to trim production by as much as 1.2 million barrels per day, while non-OPEC members agreed to do the same by under 600,000 barrels per day.
Translated by: Nada Adel Sobhi
